Sanofi Extends $69/Share Genzyme Offer

PARIS ( TheStreet) -- Sanofi ( SNY) extended its offer of $69 a share, or $18.5 billion, for Genzyme ( GENZ) to Feb. 15.

The tender offer was previously scheduled to expire last Friday, Jan. 21. All terms and conditions of the tender offer remain unchanged, Sanofi said in a statement Monday.

Sanofi, the French drugs giant, said it and Genzyme are discussing the structure of a contingent value right involving Genzyme's Lemtrada, a multiple sclerosis drug, as part of any transaction. Sanofi said "significant differences" remain on the potential contingent value right.

Sanofi said as of Jan. 21, about 0.4% of Genzyme's shares has been tendered.

Shares of Genzyme, the U.S. biotechnology company, closed Friday at $71.58.

-- Written by Joseph Woelfel

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